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Wintermute Trading, a global algorithmic trading firm, is expanding its presence in Asia. In a recent interview, co-founder Yoann Turpin confirmed that he would be relocating to Singapore along with some staff members as the crypto industry looks to the region for opportunities.
Wintermute has been based in London since its inception in 2017. It established its second office in Singapore as the Asian market became prominent for the global industry.
Crypto Opportunities in Asia Grow
Turpin told the Traits Times that he will move from London to Singapore in a few months. Around 4% of the company’s staff will also relocate with the co-founder to the city-state. According to Crunchbase, Wintermute is a major liquidity provider in the sector. Apart from OTC trading globally, it conducts derivatives business in Singapore.
“We are much more focused on Asia,” Turpin told the paper.
Read our explainer of how crypto regulations vary around the world.
Wintermute reportedly established its second office in Singapore in 2021. Turpin anticipates that the company could set up its third office in Dubai, another jurisdiction that is proving attractive to crypto businesses.
Shakeup in Singapore’s Crypto Regulations
Singapore has been known as a crypto hotspot, but it has also implemented tighter regulations. Based on recent updates, crypto exchanges in Singapore must store customer assets in a statutory trust to safeguard against potential bankruptcy.
Moreover, Singapore’s Monetary Authority introduced new protocols for transferring digital programmable money to facilitate transactions between businesses and vendors.
A recent development in Singapore saw a court recognizing crypto assets as property capable of being “held in trust.” Therefore, Singapore’s regulations are becoming increasingly important in the crypto industry.
Singapore and the UK also announced a partnership in another move to establish global regulatory standards. The governments noted that they would contribute to international standard-setting bodies with the International Organization of Securities Commissions (IOSCO) and working groups under the Financial Stability Board (FSB).
As per the update, Singapore shared its perspectives on regulatory developments related to stablecoins and consumer protection measures for digital payment token services.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.
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